221 Hempstead Tpke, West Hempstead, NY 11552-1541
- Retail space
- 1,300 SF
- 0.09 lot acres
Current Use by Public Records
- Hempstead Turnpike Dental Supply / Dental Office
- El Nuevo Usulutan Restaurant / Restaurant
- Olinda's / Restaurant
Property Details for 221 Hempstead Tpke
- Year built
- 1956
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.09 lot acres
- Property type
- Retail space
- APN
- 35-354-00-0009
- APU
- 35354000009
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Aug 22, 2017 | $1,550,000 | Skm Hempstead Property INC | Kartofel Realty LLC | Grant Deed | — |
| Sep 15, 2014 | $1,550,000 | Kartofel Realty LLC | Marinbach,mark | Grant Deed | $550k · Mark Marinbach |
Description
This exceptional mixed-use property in West Hempstead, NY, offers 10,400 square feet of versatile space, ideally situated on Hempstead Turnpike. The property consists of two buildings, each two stories high, and includes four established retail units and two residential apartments. A significant 5,000+ square feet of office space presents a unique opportunity for conversion into an additional five residential apartments, potentially increasing the total unit count to seven. This presents a compelling investment opportunity for both investors and end-users, allowing for owner-occupancy while generating rental income from the seven units. The property benefits from convenient access to a municipal parking lot with over 60 spaces, ensuring ample parking for residents and customers. Its prime location, near a planned residential development adding approximately 450 new apartments, promises future growth and increased demand. The asking price is $2,495,000. This is a rare chance to acquire a substantial mixed-use property in a thriving Nassau County community. The property's address is 221-223 Hempstead Turnpike, West Hempstead, NY 11552.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $430,000
- 6.5%
- $395,000
- 7%
- $370,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $746,000
- AI Estimate
- $592,000
Market price range: $322k - $747kMarket price range: $25.7k - $592k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $550,000 Current use
- COMMERCIAL (GENERAL)
- $785,000 Change: +42% Conversion: Easy
- AUTO REPAIR, GARAGE
- $750,000 Change: +36% Conversion: Difficult
- WAREHOUSE, STORAGE
- $655,000 Change: +19% Conversion: Difficult
- OFFICE BUILDING
- $580,000 Change: +5% Conversion: Easy
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Location Insight
- Map
- Local Demand
- City
- West Hempstead
- County
- Nassau
- State
- New York
- Longitude
- -73.6468
- Latitude
- 40.7048
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
